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Shell and Phillips 66 are weighing the sale of their stakes in US Pipeline Explorer worth $3.5 billion, according to sources
Shell and Phillips 66 have been working on a possible sale of their stakes, which include the Explorer refined product pipeline. This deal could be worth around $3.5 billion. This move is a reflection of how the increased demand for energy infrastructure assets from financial buyers has driven up valuations, and encouraged owners to sell and reinvest in their core businesses or areas with higher growth. Shell and Phillips 66 hold approximately 61% of the legal entity that holds the pipeline. The pipeline transports gasoline, jet-fuel and other fuel products through the Midwest to?endpoints including the outskirts Chicago. Greenhill, an affiliate of Mizuho, and RBC Capital Markets have been hired to conduct an auction?process for stakes. Deliberations are currently in the early stages. Energy Transfer and MPLX are the owners of the rest of Explorer. The sources say that while the Shell and Phillips 66 shares are being marketed to prospective buyers, other stakeholder companies could contribute if there is a strong interest in acquiring the entire pipeline. Sources cautioned that there is no guarantee for any deal to be made involving Explorer stakes and spoke under condition of anonymity in order to discuss private discussions. Shell, Phillips 66 and MPLX refused to comment. Explorer, Energy Transfer and Mizuho??and RBC have not responded to requests for comment. CRITICAL INFRASTRUCTURE Explorer, a 1,800-mile pipeline system in service since the 1970s is a critical infrastructure. According to Explorer's site, the southern part of the system has a capacity of?660,000 barrels per?day, while the northern portion can handle?450,000 barrels?per?day. Explorer, along with the Colonial pipeline that transports fuel from Texas to northeastern United States, is considered one of the most important refined product pipelines in the United States. Colonial was sold to Brookfield Infrastructure Partners last year for around $9 billion. In the sale, the first group of shareholders put their stakes on the market before the remainder contributed their holdings to a?deal with the investment firm. In recent years, pipelines and other energy infrastructure has attracted significant buyer interest. Financial buyers are attracted to the cash flow generated by midstream assets. Industry players want growth in both assets and product offerings. (Reporting from David French in New York, Additional Reporting from Stephanie Kelly in London, Editing by Echo Wang & Nick Zieminski).
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Ambrey reports that a drone hit a gas storage tanker in Egypt's Mediterranean Port.
Ambrey, a British maritime security firm, said on Wednesday that a drone had struck a U.S. owned gas storage tanker in Egypt's Mediterranean Port of Damietta. The company cited an initial assessment. The Egyptian petroleum ministry released a statement that confirmed the fire in the port, but did not mention a drone attack. Inchcape, a port services company, said in an unrelated message that two gas tanks had caught fire near Damietta. Three trading sources who were familiar with the incident confirmed that the drone struck a floating storage tanker named Energos winter, causing an explosion which spread to a second vessel called Gaslog 'Salem. Two different security sources have said that the drone was likely to be the cause of the explosion, which could indicate a new outbreak of conflict in the Middle East. The incident was not immediately attributed to anyone. Energos Winter, a floating storage unit and regasification (FSRU), has a storage capacity of 138.250 cubic meters. The U.S. firm?Energos Infrastructure owns the vessel. Wilhelmsen Ship Management is also a U.S.-based company that manages the technical, safety, and commercial operations. In a statement, Egypt's petroleum ministry said that a fire broke on a?gasification vessel and a storage ship at Damietta Port and was immediately dealt with under approved emergency response plans by firefighting teams and security. It said that the Petroleum Minister,?Karim Baadawi, went to the scene to supervise response efforts. The statement said that the fire did not cause any injuries or deaths and that emergency and technical teams were continuing to assess the impact and work on the response. Reporting by Jonathan Saul and Marwa Rashad; editing by Alex Richardson
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Drones blamed for explosions at Egyptian Mediterranean port in possible spread of war
On Wednesday, explosions rocked a natural-gas loading port in Egypt, on the 'Mediterranean Sea. Ambrey, a British maritime security firm, said that a U.S. owned floating storage tanker had been struck by a drone in an attempt to spread a Middle East conflict. No one has claimed responsibility for the incident that occurred in the Egyptian port city of Damietta. On 'Wednesday, the United States and Saudi Arabia attacked Iran-backed paramilitary groups in Iraq. U.S. president Donald 'Trump promised to "beat the ****" out of Iran for firing on U.S. troops days after he stopped air strikes.
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Telecom Italia's second-quarter earnings core meet expectations
Telecom Italia's (TIM) second-quarter 'core earnings' were broadly in line with expectations on a Wednesday, as the growth of TIM’s?Brazilian?unit and enterprise division accompanied a resurgence of growth within its home market. The results are 'the first since TIM’s board unanimously approved a?takeover?offer by its largest shareholder Poste Italiane on?July 18, in a deal valued at a telecommunications kingpin worth?more?than 13 billion euros. Earnings before interest, taxes, depreciation, and 'amortisation following leases' (EBITDA AL) of the former phone monopoly for the three-month period ending June 30 rose to 998 millions?euros ($1.14billion), compared to a company-provided consensus analyst estimate of 995million?euros. The group's performance was boosted by Brazil and TIM Enterprise, as well as the domestic revenue.
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Airbus Q2 profits boosted by jet deliveries and defense demand
Airbus maintained financial ?and industrial forecasts as it unveiled stronger-than-expected second-quarter ?revenues and core profits on Wednesday, lifted by higher jetliner ?deliveries and gains in defence. The 'world's biggest planemaker'reported its?quarterly operating profit increased 54% to 2,43 billion euros while revenues grew 28% to 20,53 billion euros. This was due to a surge in deliveries of commercial aircraft following a slow year-start. Analysts expected the profit figure, which was widely watched, to be 2.19 billion Euros on revenues of?20.25 billion. The quarterly update was released just days after Airbus expressed greater confidence in the ability to?increase production? as a battered aerospace sector begins to turn the corner with regard supply disruption. The company aims to achieve a near-doubling of profits as well as a stronger return for shareholders by 2029. Airbus delivered 237 aircraft in the second quarter of this year, up by 39% compared to the same period last time. The financial forecasts for the year remained unchanged, including an operating profit adjusted to 7.5 billion euro. Airbus maintained its goal of increasing A320-family production to between 70 and75 planes per monthly by the end of 2027. After that, it will stabilize at 75 per month. ?But the company dropped references to Pratt & Whitney engine manufacturer as 'the decisive factor' in the ramp-up. The RTX subsidiary said at the Farnborough Airshow that disruptions in engine maintenance were easing. Airbus reported a quarterly profit of 357 million euros in Defence and Space, driven by both 'higher sales volumes and better profitability? as Europe's spending spree continues. Boeing, a rival company, reported on Tuesday a bigger-than-expected loss for the quarter but also generated favourable free cashflow. This was due to its progress in implementing turnaround plans. (Reporting from Tim Hepher & Florence Loeve).
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US sanctions on Iran's oil companies and insurers
Treasury Department of the United States announced that the United States issued another round of sanctions against Iran on Wednesday, targeting Iran's efforts "to monetize the Strait of Hormuz". The United States designated 10 entities, and eight more tankers. It said that six of the entities targeted by sanctions are based in China. According to Fox News, the sanctions were a response to a pledge made by U.S. president Donald Trump on Wednesday, to strike Iran hard. This was after the U.S. army announced that it had intercepted?multiple ballistic missiles fired by Iran towards American forces in Middle East. On Wednesday, the United States and Saudi Arabia struck Iran-backed militias in?Iraq. Treasury's Office of Foreign Assets Control has designated two companies, the Persian Gulf Marine Insurance Co.?and HormuzSafe Marine Services Authority. It said that both firms were essential to an Iranian scheme aimed at extracting digital assets and revenue from ships transiting the Strait of Hormuz via various insurance policies. The regime is in desperate need of cash, said Treasury Secretary Scott Bessent. Bessent, referring the Islamic Revolutionary Guard Corps, said that the United States would not allow Iran's terrorism and aggression to be funded by international shipping or the IRGC. The new sanctions are part a larger push by the Trump administration to use both economic tools as well as military strikes to increase pressure on Iran. This is a war that is deeply unpopular and has brought down Trump's approval ratings. "The Iran War demonstrates that the current administration will use U.S. military and economic power in concert," said Jess Hoversen. He is now the chief economist of Column, an online platform bank. She said that OFAC has moved rapidly to designate maritime infrastructure, currency exchange infrastructure and procurement networks even while the U.S. Military has increased its attacks. Hoversen stated that the Treasury is operating at a high operational pace, and that combining targeted sanctions with military strikes could be a template for future conflicts. OFAC sanctioned more than 100 vessels that were part of Iran's shadow navy, which was used to maintain oil revenues despite international sanctions. Reporting by Andrea Shalal, Daphne Psaledakis and Susan Heavey. Writing by Susan Heavey. Editing by Bill Berkrot.
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Delta will offer DraftKings on all flights but not betting
Delta Air Lines announced on Wednesday that it would offer a sports prediction game in partnership with DraftKings. However, the company will not allow gambling on its flights. The airline stated that the game is open to all passengers over 21 years old and allows players to win Delta gift certificates. However, it does not allow betting, deposit functionality or financial risk. Last year, the?U.S. Senator Richard Blumenthal asked the companies to not allow gambling aboard, citing a 1962 law which prohibits gambling on commercial planes. In order to entertain passengers, airlines are now offering more content in the air. This includes games, movies and live TV. Delta claims that sports content consistently ranks as one of the most popular categories on its platform. Delta first announced its planned collaboration with DraftKings early in 2025. The new sports game will begin on Wednesday, and it is exclusively designed as an entertainment experience for Delta Sync Wi Fi. Delta announced that SkyPicks would launch with Major League Baseball matches, followed by NFL contests later in the year. The game involves passengers making predictions about real matchups. Delta Sync WiFi is required to play the game on a mobile device or personal device, and not on seatback screens. To unlock the questions, customers must either sign in with their DraftKings account or register one. The questions will include head-to-head competitions, game-winner selections and top performers on individual contests?and monthly leaderboards. According to a 2025 Pew Research poll, 22% of adults have bet on sports personally in the last year. This is up from 19% just three years ago. David Shepardson is reporting; Sharon Singleton, Emelia Sithole Matarise and Sharon Singleton are editing.
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Canada - July 29,
These are some of the most popular stories in selected Canadian newspapers. The?top stories from selected?Canadian newspapers are listed below. The GLOBE and MAIL – Zijin Gold & Allied Gold abandoned a C$5.5 billion (3.90 billion) buyout? of the Canadian miner. Instead, the?Chinese firm took a 9.2% stake? for around $295 million. Dominic LeBlanc, Canada-U.S. trade minister is back in Washington this Week as Ottawa seeks to avoid the imposition on punishing new tariffs for August 19, and advance broader trade negotiations. Apotex Health is the sole manufacturer of generic Ozempic in Canada for the next few months after a manufacturing problem at an Indian facility forced at least two competitors to withdraw. National Post - Jazz Aviation, which is primarily contracted to Air Canada has reached a tentative agreement with its flight dispatchers. This will avoid any potential disruption of labour ahead of the long holiday weekend. (Compiled by Bengaluru Newsroom)
Some Canadians in Canada's northernmost regions worry that Carney's military plans overlook everyday needs
There are only two grocery stores in a Canadian hamlet at the northernmost tip of the Arctic Ocean. The sports arena is the only place to go for entertainment. And there's no doctor. A trip south usually requires a 2-hour flight. Dentists visit the 2,000-person community 'twice per year' and trucks bring in water. Giving birth can often involve flying to another city, several hours away. This is done weeks before the due date. Natasha Neglak Lear (49), a Cambridge Bay resident, was not impressed when she heard that Prime Minister Mark Carney planned to spend more than C$2 billion?to designate Cambridge Bay as one of the two new northern military centers. She said there were'more pressing issues' to be considered, such as a local place where women could give birth.
She said that before they did all of this, they should give to us what the people in the south have, referring specifically to the two-thirds or more of Canadians living within 100 kilometers of the U.S. Border. "Development and doctors, dentists and birthing centers are needed to help us grow."
Carney has committed more than C$35billion to increase military spending in Canada, and to "take control" over its Arctic territory. This move was partly motivated by Donald Trump's threats of annexing Greenland, and making Canada the 51st State, and Trump's demand that Canada and its allies raise their defence expenditure. Canada wants to be able to respond independently to threats in an increasingly dangerous and divided world, which Carney describes as "more dangerous" and "divided". To do this, it is upgrading airports and strengthening northern defenses. It also ensures that aircraft can be deployed anywhere in the Arctic. Climate change is making the icy region more accessible. Russia has more military bases in the Arctic than any other country. In recent years, China began to increase its presence, mainly in partnership with Russia, in this mineral-rich region.
TRAUMATIC MEMORIES
Canada is home to a quarter of the Arctic region of the globe, with most of its territory being significantly less developed than those of European nations. This region is larger than continental Europe and accounts for 40% the land mass of Canada, 75% its coastline but only has less than 150,000 residents.
Indigenous leaders, who make up the majority of Arctic residents, have complained for years about insufficient investments. Politicians also acknowledge that the sparsely-populated region lacks tax bases to finance major infrastructure projects.
Interviews with dozens of military, community and Indigenous leaders in Canada's Arctic?territory showed that some were encouraged by Carney's plan - which includes investing C$294 million to renovate Arctic airports and build new runways. In interviews with dozens military, Indigenous and community leaders in Canada's Arctic Territory, some expressed their support for Carney's plans. This includes investing C$294 millions in renovating Arctic Airports and building new airport runways. Some people were worried that the military would change their lives without improving education, health care and social services. Cambridge Bay Mayor Wayne Gregory stated that he was "ecstatic' about Carney’s Arctic strategy announcement made on March 12. He described the military?hub design as a possible turning point for the city. Some Inuit, which make up over 80% of Nunavut’s population of 42,000 people, still have painful memories from previous militarization attempts during the Cold War. In the 1950s-'60s, the government relocated people thousands of kilometers away and killed thousands of dogs to control disease and public safety. This deprived Inuits of their ability to travel and hunt. Indigenous leaders are concerned that Canada's response to Trump's threat could again violate their constitutional rights to manage their land, culture, and education. Natan Obed is the president of Inuit Tapiriit Kanatami which represents over 70,000 Inuit living in Canada's far north. "We're the best-prepared to deal with any threats that come our way. What we have been asking for are the necessary funds so we can?have thriving community."
Carney's Government disputed the idea that increased defence spending could result in fewer funds being allocated to other local initiatives. Eric Head, the Indigenous Services Ministry's spokesman, pointed to resources dedicated for youth programs, community safety and mental health for Indigenous communities, as well as plans recently announced to spend C$1.4billion on health and social initiatives.
CARIBOU MIGRATION Census figures show that Indigenous people living in the Arctic have a higher rate of unemployment and are more likely to struggle to find housing and food than other Canadians. This has serious consequences. The rate of tuberculosis in Indigenous people living in the Arctic is more than 600 times greater than that of non-Indigenous Canadians, and their life expectancy falls by about 10 years.
Carney's plan only allocates a small fraction of the funds to be spent in the next 12 year for civil projects. For example, a C$1billion Arctic Infrastructure Fund will be used to build roads, ports, and bridges.
Carney, according to some Indigenous leaders, failed to consult them before releasing the plan for developing the Arctic. George Mackenzie is the Dene National Chief of the Northwest Territories. He said that the Prime Minister should meet with regional chiefs from Canada's Indigenous People, as he does with the premiers in each province and territory. Carney has promised to work with Indigenous Leaders and that the government will invest C$10 Billion into energy projects. This investment is expected to create more than 10,000 jobs during construction in the Arctic. Ottawa has backed the Grays Bay Road and Port Project, which is aimed at connecting a mineral-rich area in the Arctic with?global shipping lanes. Some locals fear that it could harm the migration of the 'local caribou herds', the main food source in the region.
Lear, a member of the Kitikmeot Inuit Association's board, expressed her surprise that Carney was promoting the project before the environmental impact had been evaluated. She said that the caribou population is already declining and construction could push them out of the area. Inuit rely on caribous for food, hide and fur. Haugaaq, 62, was teaching local youths how to make traditional fur and gloves at a workshop. She said it was the first in her lifetime that she saw so many politicians involved in the Arctic.
She said, "We need more protection with what is going on in the rest of the world." I hope that the leaders who are in charge of us think about our needs first." (Reporting and editing by Caroline Stauffer, Deepa Babington and Maria Cheng)
(source: Reuters)